A definitive agreement was announced between Eli Lilly and Company and Adverum Biotechnologies, Inc. for Lilly to acquire the latter. Adverum is a clinical-stage company focused on pioneering intravitreal gene therapy to preserve sight in highly prevalent ocular diseases, with its lead product candidate, Ixo-vec, serving as the key asset in the deal.

Ixo-vec is an innovative, single-administration gene therapy currently in the ARTEMIS Phase 3 clinical trial for the treatment of wet age-related macular degeneration (wAMD), a serious, chronic retinal disease.

This potential "One and Done™" therapy is designed to deliver continuous and stable intraocular aflibercept levels, which Lilly Group Vice President Andrew Adams noted has the potential to transform wAMD treatment by moving away from chronic, repeated injections, thereby reducing patient burden and potentially improving vision outcomes.

The program has received key regulatory designations, including Fast Track and Regenerative Medicine Advanced Therapy (RMAT) in the U.S., as well as PRIME designation in the EU and the Innovation Passport in the U.K. Under the terms of the merger, Lilly will offer $3.56 per share in cash payable at closing plus one non-transferrable Contingent Value Right (CVR), which entitles the holder to receive up to an additional $8.91 per CVR upon the achievement of two milestones, for a total potential per share consideration of up to $12.47. These contingent payments include up to $1.78 upon U.S. approval of Ixo-vec prior to the seventh anniversary of closing, and up to $7.13 upon the first achievement of annual worldwide net sales exceeding $1.0 billion dollars prior to the tenth anniversary of closing. The transaction, which was unanimously approved by Adverum’s board of directors following a comprehensive strategic evaluation, is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including the tender of a majority of Adverum's outstanding shares. Furthermore, Adverum has entered into a Promissory Note with Lilly for up to $65 million to support ongoing Ixo-vec clinical trials and registrational development activities prior to the anticipated closing, a critical measure given Adverum's limited remaining cash otherwise.